Along with the tavern on the corner of Springs and Toswill Rds, a 2044m2 block of land next to the pub is also up for sale.
A medical centre owned by Prebbleton Health is confirmed for the land on the Springs Rd side of the tavern.
“Expressions of interest are being sought for the remaining two lots on the site including the tavern,” they said.
Construction of the medical centre is expected to start later this year.
The Gilmores said they feel bittersweet about retirement.
“We feel the timing is right ... age and health have also played a part in the decision.
“The business has been operating well through a time when hospo has been challenging.
"We still have our fair share of a competitive market which is exciting.
“We will miss the people but look forward to more time with family,” they said,
“We started with a three-year plan but that all changed when the business took off and a family came along.
"It’s been an exciting journey, one we look back on fondly."
Their son Shannon has been the general manager for 25 years after he came in to help during the university holidays and never left.
Since 2004, the tavern has supported the Prebbleton Football Club, which Shannon has been the president of since its inception.
The tavern has been operating since Edward Prebble built his shop on the site in the 1860s, and when the liquor part of his business became the most profitable, he turned it into a hotel.
Since then it has seen various forms with the Gilmores adding extensions, including the restaurant.
The pub is up for sale at the same time as Lincoln’s Famous Grouse Hotel which may be changing ownership. The Lincoln Club is considering an offer to sell the business.
